Congressman Cleaver Released the Following Statement Regarding the CFPB Acting Director’s Request to Suspend Operational Funding for the CFPB
(Washington, D.C.) – Congressman Emanuel Cleaver, II responded to recent reports that the Acting Director for the Consumer Financial Protection Bureau (CFPB), Mick Mulvaney, has not requested any operating funds this fiscal year from the Federal Reserve. See report here.
“By requesting zero funding for the Consumer Financial Protection Bureau’s operating costs, Mr. Mulvaney’s action represents an alarming development for American consumers, particularly minorities, seniors, and those from low-income communities who have no other avenue to protect themselves from predatory financial practices than to avail themselves to the assistance of the CFPB. Today’s letter is a clear indication that the Mr. Mulvaney’s goal is to make the CFPB “closed for business” under the Trump Administration,” said Congressman Cleaver.
Congress created the CFPB in 2010 amidst the housing crisis of 2008 to protect consumers against financial abuses. The CFPB has yielded over $12 billion in consumer relief.
Emanuel Cleaver, II is the U.S. Representative for Missouri’s Fifth Congressional District, which includes Kansas City, Independence, Lee’s Summit, Raytown, Grandview, Sugar Creek, Blue Springs, Grain Valley, Oak Grove, North Kansas City, Gladstone, Claycomo, and all of Ray, Lafayette, and Saline Counties. He is a member of the exclusive House Financial Services Committee, the Ranking Member of the Subcommittee on Housing and Insurance, and also a Senior Whip of the Democratic Caucus. For more information, please contact Heather Frierson at 816-842-4545 or Heather.Frierson@mail.house.gov A high-resolution photo of Congressman Cleaver is available here.